2023 Q4 Form 20-F Financial Statement

#000095017024049936 Filed on April 29, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023
Revenue $307.9M $448.3M
YoY Change 9.77% -69.97%
Cost Of Revenue -$6.893M $181.5M
YoY Change -101.6% -73.48%
Gross Profit $314.8M $266.8M
YoY Change -310.37% -67.0%
Gross Profit Margin 102.24% 59.51%
Selling, General & Admin $237.5M $466.3M
YoY Change -64.61% -43.38%
% of Gross Profit 75.46% 174.81%
Research & Development $193.4M $344.5M
YoY Change -24.96% -22.07%
% of Gross Profit 61.44% 129.15%
Depreciation & Amortization $60.75M $140.5M
YoY Change -22.95% -8.68%
% of Gross Profit 19.3% 52.66%
Operating Expenses $408.6M $869.8M
YoY Change -55.98% -31.75%
Operating Profit -$93.82M -$603.0M
YoY Change -91.29% 29.39%
Interest Expense $53.53M $82.85M
YoY Change -49.59% -56.29%
% of Operating Profit
Other Income/Expense, Net $29.28M $367.1M
YoY Change -59.5% 21.67%
Pretax Income -$89.42M -$153.0M
YoY Change -90.08% -706.36%
Income Tax $138.9M $105.3M
% Of Pretax Income
Net Earnings -$119.9M -$99.92M
YoY Change -67.92% -187.75%
Net Earnings / Revenue -38.93% -22.29%
Basic Earnings Per Share -$1.06
Diluted Earnings Per Share -$1.20 -$1.06
COMMON SHARES
Basic Shares Outstanding 99.64M 99.61M
Diluted Shares Outstanding 99.61M

Balance Sheet

Concept 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.22B $11.22B
YoY Change -0.79% -0.79%
Cash & Equivalents $1.270B $1.270B
Short-Term Investments $9.953B $9.953B
Other Short-Term Assets $16.79M $16.79M
YoY Change -28.55% -28.55%
Inventory $139.9M $139.9M
Prepaid Expenses
Receivables $440.0M $426.0M
Other Receivables $10.70M $24.71M
Total Short-Term Assets $11.83B $11.83B
YoY Change -2.44% -2.44%
LONG-TERM ASSETS
Property, Plant & Equipment $979.6M $1.025B
YoY Change -1.43% -2.59%
Goodwill
YoY Change
Intangibles $8.520M
YoY Change -12.16%
Long-Term Investments $684.3M $684.3M
YoY Change 3.45% 3.45%
Other Assets $7.345M $109.5M
YoY Change 162.51% -58.64%
Total Long-Term Assets $1.827B $1.827B
YoY Change -8.09% -8.09%
TOTAL ASSETS
Total Short-Term Assets $11.83B $11.83B
Total Long-Term Assets $1.827B $1.827B
Total Assets $13.66B $13.66B
YoY Change -3.23% -3.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $973.9M $17.29M
YoY Change 7.51% -12.78%
Accrued Expenses $250.6M $258.0M
YoY Change 3.31% 3.07%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $76.09M $76.09M
YoY Change 1535.97% 1535.97%
Total Short-Term Liabilities $1.148B $1.148B
YoY Change 5.15% 5.15%
LONG-TERM LIABILITIES
Long-Term Debt $177.8M $177.8M
YoY Change 1444.49% 1444.49%
Other Long-Term Liabilities $439.0K $45.78M
YoY Change 82.92% -20.02%
Total Long-Term Liabilities $487.3M $223.6M
YoY Change 57.06% 225.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.148B $1.148B
Total Long-Term Liabilities $487.3M $223.6M
Total Liabilities $1.635B $4.949B
YoY Change 16.64% -4.71%
SHAREHOLDERS EQUITY
Retained Earnings $7.119B
YoY Change -1.49%
Common Stock $541.4M
YoY Change 0.13%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.709B $8.709B
YoY Change
Total Liabilities & Shareholders Equity $13.66B $13.66B
YoY Change -3.23% -3.23%

Cashflow Statement

Concept 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$119.9M -$99.92M
YoY Change -67.92% -187.75%
Depreciation, Depletion And Amortization $60.75M $140.5M
YoY Change -22.95% -8.68%
Cash From Operating Activities $144.0M $104.0M
YoY Change 284.8% -113.49%
INVESTING ACTIVITIES
Capital Expenditures $52.69M $145.7M
YoY Change -57.5% -63.88%
Acquisitions
YoY Change
Other Investing Activities -$140.4M -$2.778B
YoY Change -93.16% -48.14%
Cash From Investing Activities -$193.1M -$2.924B
YoY Change -91.12% -49.24%
FINANCING ACTIVITIES
Cash Dividend Paid $328.1M
YoY Change 24.66%
Common Stock Issuance & Retirement, Net $676.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -293.1M -76.06M
YoY Change 15.79% -68.49%
NET CHANGE
Cash From Operating Activities 144.0M 104.0M
Cash From Investing Activities -193.1M -2.924B
Cash From Financing Activities -293.1M -76.06M
Net Change In Cash -342.2M -3.011B
YoY Change -85.69% -58.94%
FREE CASH FLOW
Cash From Operating Activities $144.0M $104.0M
Capital Expenditures $52.69M $145.7M
Free Cash Flow $91.31M -$41.69M
YoY Change -205.5% -96.45%

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<p style="margin-left:6.667%;text-indent:-3.704%;padding-left:3.333%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">(a) Use of Estimates</span></p><p style="margin-left:10%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In preparation of the Company’s consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant estimates made by management include provision for product returns, allowance for doubtful accounts, inventory provisions, impairment of long-lived assets, fair value of options granted and related forfeiture rates, and realizability of deferred tax assets. On an ongoing basis, management reviews its estimates to ensure that these estimates appropriately reflect changes in the Company’s business and new information as it becomes available. If historical experience and other factors used by management to make these estimates do not reasonably reflect future activity, the Company’s consolidated financial statements could be materially impacted.</span></p>
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